Security is one of the foremost concerns for electronic financial transactions, such as banking, credit card purchases, investments, etc. As of date security approaches have focused on authentication systems. When a user logs on to a system, the user provides an account password. If the user provides the correct password, an encrypted authentication token is provided to the user. The user presents this authentication token to conduct financial transactions for those accounts to which the token permits access. These authentication systems are predicated on preventing unauthorized access. However, such an approach does not address handling unauthorized access once a security breach has occurred.
A user may detect unauthorized account activity when accessing the account and reviewing account activity. For instance, many banking institutions offer on-line banking services and software, such as Wells Fargo & Company's online banking service WELLS FARGO ONLINE.RTM., that allow a user to review account activity over the phone or through the Internet. However, users often do not regularly access their account. Therefore, in the event that the authentication system is breached, numerous fraudulent transactions may occur before the user accesses the account and learns of the unauthorized activity. Financial institutions do provide account statements via the mail at periodic intervals. However, numerous fraudulent transactions may occur before the user reviews the periodic, e.g., biweekly or monthly, statements.
Typically, for a user to learn of authorized account activity such as withdrawals from a second named party to the account or of any bank fees, the user must contact the financial institution, via phone, mail or the Internet, and review the account or wait until receiving a monthly statement. In such prior art account management systems, users with minimal account capitalization may not be made immediately aware of any banking fees subtracted or authorized withdrawals that would cause their account to be overdrawn.